Summary by Moomoo AI
VANCO ENTERPRISES CO., LTD. (“VANCO”) HAS ISSUED ITS FIRST QUARTER REPORT FOR 2024 SHOWING THE FINANCIAL SITUATION FOR THE THREE MONTHS ENDED 31 MARCH 2024. During the reporting period, VanCo achieved operating revenue of approximately RMB615.9 billion, down 10.0% from the same period last year. The company's shareholders accounted for a profit of minus RMB 3.6 billion, a year-on-year decrease of 125.0%, and basic earnings per share were minus RMB 0.0305. Net cash flow generated by operating activities was negative RMB94.2 billion, down 234.57% year-on-year. Total assets were approximately RMB 1463.9 billion, down 2.72% from the end of the previous quarter. Wanco said that the real estate market is poor, the sale of commercial rooms continues to suffer, and land sales continue to decline. Despite the challenges, VanCo maintains a payback efficiency of more than 100% and actively promotes asset lifecycle in its bulk transactions and operating businesses. Chairman of the Board, Mr. Yu-Liang and other senior management personnel guarantee the truthfulness, accuracy and completeness of the report.